subject: Foolproof Your Business Start-Up, New Business Considerations and Get Funding Too by:Leon Edward [print this page] By researching the start-up business tips described in this article, you will have the know-how to be able to successfully create a new business, thereby making the most effective use of your money and resources. Deciding on the type of business (or businesses) that you would do best and what would be most appropriate for you is the first step in conducting your new business research. Before establishing your new business you must consider your target market and whether your product or service meets the requirements of your ideal customers. One consideration you should make in conducting your new business research is whether or not services or products suited to your intended market already exist. Should you search for new markets for your products, or provide for a current market?
Another important part of your initial business research should be studying the industry you want to participate in. Look at the competition in the industry, the growth rate and local, national and international pricing of the product you are going to sell. This is necessary to ensure that your business is successful. After all, its important to provide your target market with competitive prices. A review of industry trends, as well as the establishment of a high quality business plan, is an essential starting place to create a successful, profitable business.
The next step is to work out how you will deliver your service and/or produce your products. This should include considerations about the time involved in terms of the inputs and outputs needed and generated. A helpful suggestion is to produce a flow diagram of the necessary steps in getting your service or product on the market, and this should include a practical timetable for each step. This allows you to more easily manage your business in terms of time and costs, as well as helping you to work out whether you need to outsource jobs or employ people to assist you in running an efficient and profitable business.
Researching and planning for a new business can be daunting, but fortunately there are both free and inexpensive online information sources that can assist you. Trade association websites are a good place to search for information regarding your start-up business. One helpful and free resource is Service Corps of Retired Executives, which can be found at www.scn.org/civic/score-online. This particular resource offers free guidance from retired executives, and is a particularly useful source for you in the initial stages of starting up your new business. Another suggestion would be to locate other willing executives with experience in your particular field or business, and who would be willing to discuss with you their experiences and advise you in the early stages of the start-up process as well as in later stages. In such situations partnerships can develop which can be mutually beneficial. For example, you can offer your products and services in return for the advice and mentoring you receive.
Another extremely helpful and free resource, already successfully used by new start-up business owners, is the public library. Here you can take advantage of a wide range of business statistics and information, which can assist you in your initial business research. This has proven to be useful for many people considering a new start-up business. If your prospective business is internet-based, the website Secrets to Their Success contains helpful interviews, as well as case studies, which can give you valuable insights into the running of a small business. After following these steps, the next step is to consider the costs involved with your business start-up and operations.
A number of agencies will need to be contacted when working out the costs of your business operations. One possible cost to be considered is that of any licences or permits that may be necessary and your local department of licensing can assist you in this area. The rules regarding the operation of an online business, however, are different to those related to more traditional business operations. You will be able to determine whether sales tax is a future cost of business by contacting the relevent local, state or federal government departments.
The costs of advertising and supplies must also be considered, as well as the costs associated with possible outsourcing, hiring and payment of taxes. Your local Internet Revenue Office, as well as the State Department of Revenue are two sources of help in this area. Accountants are also a helpful source of information for those considering a new start-up business.
Small businesses do not usually need full time accounting services, so Certified Practising Accountants can generally be outsourced. You may need to add insurance or workers compensation to your business costs if you need to hire people, and the Department of Labor and Industry can inform you of this.
About the author
Leon Edward shares information on government business funding, Federal, State ,Local Grants , where to find start up business grants, sources, how best to fill out applications, grant management step by step tips at http://www.business-idea-grants.com
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